ROC Pref Corp.

April 02, 2007 17:09 ET

ROC Pref Corp. (TSX:PRF.PR.A) Announcement

TORONTO, ONTARIO--(CCNMatthews - April 2, 2007) - ROC Pref. Corp. (TSX:PRF.PR.A) confirmed that, as announced today in a press release from Standard & Poor's Ratings Services (S&P), S&P has upgraded ROC Pref Corp.'s preferred shares from P-1(low) to P-1. The upgrade mirrors the upgrade of the credit-linked note, to which the issue of preferred shares is linked which was upgraded from A- to A+.

The Investment Manager, Connor, Clark & Lunn Investment Management Ltd, commented that, "We are pleased with the upgrade which is consistent with our comfort level in the quality of the portfolio."

ROC Pref Corp. is a mutual fund corporation that issued 5.25-year redeemable, retractable cumulative preferred shares which mature on or about September 30, 2009. The Company used the proceeds of its initial public offering to gain exposure, by way of an equity forward sale agreement, to a rated structured note that offers credit exposure to a managed portfolio which currently consists of 142 companies. The preferred shares are listed for trading on the Toronto Stock Exchange under the symbol PRF.PR.A.

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